Nick Akerman explained what New York might be up to on MSNBC’s All In:

The big difference here is that Cy Vance is the local he is the state prosecutor in New York county. So he is not concerned with federal crimes. He’s concerned with state crimes. But I think we have a continuous theme here that pervades all of and it’s simply that all roads lead to Donald Trump’s tax returns. To make this a serious crime and a serious felony falsifying business records is usually associated with falsifying numbers so that they falsify in turn the tax returns.

So in this particular case it could very well be that they are looking at the false state tax returns that have been filed by the trump organization, filed by Donald Trump, and there could be all kinds of people who could have criminal liability here. If it’s just Donald Trump, obviously, the problem there is indicting a sitting president, although the Manhattan DA’s office is not under the same stricture as the Department of Justice. They could indict a sitting president. Secondly, there are lots of people around Donald Trump who could be indicted for aiding and abetting and assisting in this.

New York has been trying to get a conviction on the Trump operation for decades. The spotlight of the presidency has finally given them the leads and the information that they have needed. Trump’s biggest criminal liability has always been at the state and local level.

If New York decided to indict Trump before his term was up, the presidency couldn’t save him. New York appears to be building a case against Trump and his business.

Once they have the evidence, Trump may be indicted even if he wins a second term in 2020.

Mr. Easley is the founder/managing editor and Senior White House and Congressional correspondent for PoliticusUSA. Jason spent four years as a political columnist and the politics editor at 411mania.com, where he covered such issues as the Iraq War, warrantless wiretapping, and the daily workings of the American legislative process. Jason has also written for the Blogger News Network and saw his 2008 presidential election coverage quoted in over 300 newspapers worldwide. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.

Awards and Professional Memberships

Member of the Society of Professional Journalists and The American Political Science Association